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Note 20 - Revision of Previously Issued Consolidated Financial Statements | 12 Months Ended
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Apr. 30, 2021
Notes to Financial Statements |
Error Correction [Text Block] | Note 20 - Revision of Previously Issued Consolidated Financial Statements:
As described in Note 1, the Company has determined that the previously issued financial statements for the years ended April 30, 2020 and April 30, 2019 did not include the adoption of Accounting Standards Update No. 2016 - 01 (“ASU 2016 - 01” ) as is required by U.S. generally accepted accounting principles (“GAAP”). The Company has corrected this immaterial error by revising the financial statements as of and for each of the years ended April 30, 2020 and April 30, 2019 by including the adoption of ASU 2016 - 01 as of the beginning of the fiscal year ended April 30, 2019.
As of the adoption date, the Company held equity securities with a fair value of approximately $9,379,000, which included a net unrealized gain of $994,000, and an associated deferred tax liability of $209,000. The Company has recorded a cumulative effect adjustment of $785,000 to decrease Accumulated Other Comprehensive Income with a corresponding increase to Retained Earnings for the amount of the unrealized gain, net of tax, as of the beginning of fiscal year 2019, which resulted in no change to Total Shareholders' Equity.
Other than the aforementioned cumulative effect adjustment, the principal impact of ASU 2016 - 01 to the Company's financial statements is the recognition of changes in the fair values of equity securities in the Statements of Income, instead of the Statements of Comprehensive Income, as they were reported prior to the adoption of ASU 2016 - 01. A summary of the revisions that have been made to the Company's financial statements is as follows:
|  | Fiscal Years Ended April 30, |
|  |  |  |  |  | 2020 |  |  |  |  |  |  |  |  |  |  | 2019 |  |  |  |  |
($ in thousands, except per share amounts) |  | Originally Reported |  |  | Adjustment |  |  | Corrected |  |  | Originally Reported |  |  | Adjustment |  |  | Corrected |
Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  | $ | 29,204 |  |  | $ | (29,204 | ) |  | $ | - |  |  | $ | 21,828 |  |  | $ | (21,828 | ) |  | $ | - |
Equity securities |  | $ | - |  |  | $ | 14,125 |  |  | $ | 14,125 |  |  | $ | - |  |  | $ | 10,622 |  |  | $ | 10,622 |
Available-for-sale Fixed Income Securities |  | $ | - |  |  | $ | 15,079 |  |  | $ | 15,079 |  |  | $ | - |  |  | $ | 11,206 |  |  | $ | 11,206 |
Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 56,450 |  |  | $ | 924 |  |  | $ | 57,374 |  |  | $ | 48,598 |  |  | $ | 1,644 |  |  | $ | 50,242 |
Accumulated Other Comprehensive Income, net of tax |  | $ | 1,055 |  |  | $ | (924 | ) |  | $ | 131 |  |  | $ | 1,678 |  |  | $ | (1,644 | ) |  | $ | 34 |
Total shareholders' equity |  | $ | 53,539 |  |  | $ | - |  |  | $ | 53,539 |  |  | $ | 47,524 |  |  | $ | - |  |  | $ | 47,524 |
Consolidated Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income/(loss) from securities transactions, net |  | $ | 44 |  |  | $ | (833 | ) |  | $ | (789 | ) |  | $ | 504 |  |  | $ | 1,087 |  |  | $ | 1,591 |
Income before income taxes |  | $ | 21,484 |  |  | $ | (833 | ) |  | $ | 20,651 |  |  | $ | 15,226 |  |  | $ | 1,087 |  |  | $ | 16,313 |
Income tax provision |  | $ | 5,821 |  |  | $ | (113 | ) |  | $ | 5,708 |  |  | $ | 4,076 |  |  | $ | 228 |  |  | $ | 4,304 |
Net income |  | $ | 15,663 |  |  | $ | (720 | ) |  | $ | 14,943 |  |  | $ | 11,150 |  |  | $ | 859 |  |  | $ | 12,009 |
Earnings per share |  | $ | 1.62 |  |  | $ | (0.07 | ) |  | $ | 1.55 |  |  | $ | 1.15 |  |  | $ | 0.09 |  |  | $ | 1.24 |
Consolidated Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 15,663 |  |  | $ | (720 | ) |  | $ | 14,943 |  |  | $ | 11,150 |  |  | $ | 859 |  |  | $ | 12,009 |
Change in unrealized gains on securities, net of taxes |  | $ | (623 | ) |  | $ | 720 |  |  | $ | 97 |  |  | $ | 895 |  |  | $ | (859 | ) |  | $ | 36 |
Other comprehensive income/(loss) |  | $ | (623 | ) |  | $ | 720 |  |  | $ | 97 |  |  | $ | 895 |  |  | $ | (859 | ) |  | $ | 36 |
Comprehensive income |  | $ | 15,040 |  |  | $ | - |  |  | $ | 15,040 |  |  | $ | 12,045 |  |  | $ | - |  |  | $ | 12,045 |
Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 15,663 |  |  | $ | (720 | ) |  | $ | 14,943 |  |  | $ | 11,150 |  |  | $ | 859 |  |  | $ | 12,009 |
Investment (gains)/losses |  | $ | 581 |  |  | $ | 833 |  |  | $ | 1,414 |  |  | $ | - |  |  | $ | (1,087 | ) |  | $ | (1,087 | )
Deferred income taxes |  | $ | 267 |  |  | $ | (113 | ) |  | $ | 154 |  |  | $ | 512 |  |  | $ | 228 |  |  | $ | 740 |
Total adjustments |  | $ | (1,918 | ) |  | $ | 720 |  |  | $ | (1,198 | ) |  | $ | 344 |  |  | $ | (859 | ) |  | $ | (515 | )
Net cash provided by operating activities |  | $ | 13,745 |  |  | $ | - |  |  | $ | 13,745 |  |  | $ | 11,494 |  |  | $ | - |  |  | $ | 11,494 |
Consolidated Statements of Changes in Shareholders ' Equity (Total) |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 15,663 |  |  | $ | (720 | ) |  | $ | 14,943 |  |  | $ | 11,150 |  |  | $ | 859 |  |  | $ | 12,009 |
Change in unrealized gains on securities, net of taxes |  | $ | (623 | ) |  | $ | 720 |  |  | $ | 97 |  |  | $ | 895 |  |  | $ | (859 | ) |  | $ | 36 |
Cumulative effect of adoption of ASU 2016-01* |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Balance as of April 30 |  | $ | 53,539 |  |  | $ | - |  |  | $ | 53,539 |  |  | $ | 47,524 |  |  | $ | - |  |  | $ | 47,524 |
*As discussed above, the cumulative effect adjustment of $785,000 from Accumulated Other Comprehensive Income to Retained Earnings results in a net zero effect to Total Shareholders' Equity.

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 + Details
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